Navdi wrote:

so far all I've read that's actually new material (as opposed to original 70's and 80's material) is the Labyrinth Lord core book and everything from LotFP

I'm a little confused by this... Labyrinth Lord is restating an entire ruleset.  I like it and am glad it exists but I don't think it's "new".  Or I'm not understanding you. 

As to your second query, I would start reading the oldest stuff first.  In general the chaff will start to overwhelm the wheat as you move forward.  Also, you'll be able to ignore quite a bit as things are repackaged and reissued for "new editions".

That kind of deviation I probably wouldn't even notice...

When what's depicted on the cover has nothing to do with the contents... that's where I have a problem.  The old 2E module "Murky Deep" and the Necromancer Games 3E adventure "Grey Citadel" are both violators of that.